Basic Econ
This is what a person desires, but can not live without
What is a want?
PPC stands for?
What is Production Possibilities Curve?
FOREX stands for_________
What is Foreign Exchange?
Producing a good at a lower opportunity cost
This is when goods are exchanged for minimal or no tariffs and restrictions
What is free trade?
Anything that can be bought or sold
What is a product?
The point inside the PPC curve represents..
What is unused resources, or inefficiency, not working to potential
The definition of Foreign Exchange
What is where Currencies are bought and sold?
Four factors of production
Give an example of Capital in the factors of production
A tractor or other machinery that assists the production of the business
A place where buyers and sellers meet to exchange and purchase goods and services
What is a Market?
The PPC shows_________
What is The opportunity cost of producing one product over another?
The current exchange rate between the U.S and Mexico
Exchange rates are volatile and change constantly in a 24 hour period.
The law of demand states that when price decreases,
What is as price decreases, the quantity demanded increases?
What is Country A. Country A is giving up .25 or 1/4 car for 1 ton of wheat.
The willingness to start a new business
What is Entrepreneurship?
A shift outward of the PPC curve could be caused by____
What is a new technological advancement?
This facilitates the exchange of national Currencies for international trade
What is the Foreign Exchange Market?
The law of supply states that when the price increases, the quantity supplied___________
What is increases?
If Country A can produce 100 tons of wheat or 50 cars, and Country B produces 60 tons of wheat and 40 cars, which country has the absolute advantage in wheat?
Two examples of a want
T.V, Phone, brand name clothes, chips, etc.Anything that is not needed for survival
A point outside of the PPC curve stands for________
What is the future goal, or the unattainable goal...They can't get there with their current resources or workforce.
The ability to produce more of a good using the same resources
What is Absolute Advantage?
Example of a natural resource
Oil, Land, minerals, rocks, trees
This happens to supply when the cost of production increases
What is supply decreases? Higher production costs shift the supply curve to the left.